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Dave Robertson
Problem:
House flippers relying on hard money lenders often face a cumbersome process when requesting loan draws. Lenders typically require detailed expense lists, receipt backups, and proof of completed work (photos). Currently, users must manually compile this information, leading to time-consuming administrative tasks and potential delays in receiving funds.
Solution:
We propose integrating a 'Loan Draw Tracker' directly into FlipperForce's Expense Tracker. This feature will allow users to easily tag individual expenses to specific draw requests (e.g., Draw #1, Draw #2). Upon tagging, the system will automatically generate a comprehensive report that includes:
  • A detailed list of tagged expenses.
  • Associated receipt images.
  • An option to upload photos demonstrating completed work.
Additionally, a dedicated 'Draw Dashboard' will provide an overview of:
  • The original budget for each draw.
  • The total amount spent to date.
  • The amount drawn to date.
  • The remaining balance for each draw.
This dashboard will offer real-time visibility into the loan draw process, enabling users to track their progress and manage their finances more effectively.
Benefits:
  • Simplified Draw Requests: Generate lender-ready reports with just a few clicks.
  • Faster Reimbursements: Streamline the documentation process, reducing delays in receiving funds.
  • Improved Financial Tracking: Gain real-time insights into draw progress and budget adherence.
  • Enhanced Lender Communication: Provide clear and organized documentation to build trust and transparency.
  • Better project financial oversight: by keeping track of the budget, spending and remaining funds.